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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Hong Kong lawmakers vote for Lehman Brothers probe By DIKKY SINN,Associated Press Writer AP - Thursday, November 13 HONG KONG - An investigation will be launched in Hong Kong into the sale of financial products linked to collapsed U.S. investment bank Lehman Brothers after lawmakers overwhelming voted Wednesday for a probe. The legislature passed a motion 48-4 empowering a subcommittee to summon top financial officials and bankers and have them turn over internal documents during the investigation. Four other lawmakers abstained from voting. "The Legislative Council has the responsibility to investigate the cause of the saga, whether there's any dereliction of duty and whether there should be any punishment," said Kam Nai-wai, a Democratic Party legislator who helped investors with Lehman-linked products over the past two months. Hundreds of investors who lost money protested outside the legislative building Wednesday while lawmakers debated inside for more than seven hours. They have complained bank sales staff did not fully explain that the financial products they purchased were linked to the bankrupt U.S. company, leading them to believe it was a low-risk investment. Banker David Li said any investigation would slow banks' efforts in reaching settlements with their clients and damage Hong Kong's reputation as an international financial center. "Subjecting banks to what amounts to an unlimited power to demand documents and the appearance of bank managers before the subcommittee will only draw resources away from the great efforts banks are making," said Li, who represents the banking sector in the legislature. Billions of dollars in bad debt forced Lehman Brothers Holdings Inc., once the fourth-largest investment bank in the U.S., to file for bankruptcy in September amid the world's worst financial crisis in decades. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Failure of auto industry could set off catastropheAP - 1 hour 31 minutes ago RPT-Woodside reports problems at Australian LNG unitReuters - 1 hour 34 minutes ago Lend Lease backs outlook but asset sales toughReuters - 1 hour 35 minutes ago Pentagon OKs $50M funding for 4 more Lockheed jetsAP - 1 hour 36 minutes ago Merrill, BofA merger wins support of top proxy firmReuters - 1 hour 38 minutes ago Most Popular – Business Viewed Ancient 4,300-year-old pyramid discovered in Egypt Your favorite music = happy heart: study Britney Spears's son hospitalized: statement Economic gloom mounts ahead of finance crisis summit Oil price dives under 55 dollars per barrel in London View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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